High "Abu Dhabi's first" dividend 16% to 3 billion dirhams
ABU DHABI - Abu Dhabi's first group posted a net profit of AED 3 billion, up 16 percent from the same period last year.
Albarabiya.net reported a net profit of AED 9.1 billion, up 12% from the same period last year.
The UAE's largest lender by assets was slightly better than analysts' expectations of 2.95 billion dirhams.
The bank attributed the rise in quarterly profits to a rise in investment income and foreign currencies by 50% to reach 740 million dirhams.
The annual return per share was AED 1.07.
Operating income was AED 14.6 billion for the first nine months of 2018, an increase of 1% compared to the same period last year, which included exceptional investment income of AED 400 million. Excluding these profits, operating income increased by 4% .
Net fees and commissions during the first nine months of 2018 increased by 7% over the same period last year.
Loans and advances amounted to AED 354 billion, an increase of 3% compared to the second quarter of this year and an increase of 8% over the same period of 2017 as a result of continued lending momentum in the corporate banking and investment group.
Customer deposits reached AED 455 billion, up 6% compared to the second quarter of this year and 20% higher than the same period of 2017 due to the large flow of short-term government deposits.
The Group achieved high liquidity rates and maintained a good capitalization. Total equity reached AED 100 billion. Equity ratio - the first tranche was 13.6% at the end of September 2018.
Abu Dhabi Islamic Bank's profits grew by 4.5% to AED 589 million
Abu Dhabi Islamic Bank (ADIB) grew by 4.5% to AED 589.5 million. Total assets increased by 2.5% compared to AED 124.3 billion in the same period last year.
The bank posted a net profit of AED 1.75 billion for the first nine months of 2018, an increase of 3.5% over the same period last year.
The number of active customers served by the bank rose 5.9% year-on-year to 1,026,470.
The bank grew by 2.1% in net assets of customer financing on an annualized basis to reach AED 78.4 billion, while maintaining high asset quality.
"Abu Dhabi Islamic Bank continues to expand across its business sectors," said Khamis Buharoun, Acting Vice President and Chief Executive Officer, ADIB.